The Canadian aircraft manufacturer made the announcement on Wednesday stating they had reviewed manpower requirements in Belfast and "regret to confirm that we must reduce our workforce".

Around 4,000 staff work at the company’s four locations in Northern Ireland.

In a statement the company said: "Following the global workforce adjustments announced by Bombardier Inc. on November 8, 2018, we have reviewed our manpower requirements in Belfast and regret to confirm that we must reduce our workforce across the company by 490 employees.

"We acknowledge the impact this will have on our workforce and their families and we continue to explore opportunities to help mitigate the number of compulsory redundancies.

"However, we need to continue to cut costs and improve the efficiency of our operations to help ensure our long-term competitiveness."

The Belfast-based operation, formerly known as Shorts, said they would speak with employees in more detail over the coming weeks. They said they would "explore opportunities to help mitigate the number of compulsory redundancies".

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Wings for the A220 plane - formerly known as the CSeries - are made at a factory in Belfast, supporting 1,000 jobs.

Unite Regional Secretary for Ireland, Jackie Pollock said: "Today’s announcement by Bombardier that 490 jobs in Northern Ireland are to be cut is a heavy blow for the local economy and represents more than ten percent of the total workforce here. This would mean that a disproportionate number of the five thousand jobs to be cut globally will be going in Northern Ireland.

"The jobs under threat range across all skillsets and occupations and are exclusive of job losses among agency workers/ sub-contractors and the possible future outsourcing of so-called ‘non-core activities’.

"Although these jobs will not go until February or March, this announcement is a cruel blow for the Bombardier workforce in the mouth of Christmas. Unite has feared for some time that Bombardier might be bringing forward large-scale redundancies but this news exceeds our worse fears."

Unite Regional Coordinating Officer, Susan Fitzgerald, her they will be seeking an urgent meeting with Bombardier global management and will insist on an alternative plan being brought forward that does not lead to job-losses.

"There is no justification for these job-losses," she said.

"Bombardier’s profits are increasing rapidly and the company’s finances have stabilised. This is more about satisfying the insatiable demands of the financial sector than about securing the skills base of its workforce. Bombardier corporate management seem enthralled by the need to generate ever higher profits for shareholders’ benefit through retrenchment, outsourcing and offshoring work.

"Skilled workers cannot accept being hired and fired on the basis of how much more profit will go to shareholders. Unite is already engaging with trade unions representing workers across the Bombardier sites in Europe and North America to bring forward a global workers’ response to this race-to-the-bottom agenda."

Alliance East Belfast MLA Chris Lyttle said he has sought an urgent meeting with company management on the matter.

"This news is extremely regrettable for everyone across the community but particularly for those workers directly affected and their families, especially in the mouth of Christmas," he said.

"My colleague Naomi Long MLA and I have sought an urgent meeting with company management to discuss this matter, and see what action we can take to mitigate compulsory redundancies and secure a competitive future for Bombardier Belfast.

"It is important to reiterate Bombardier workers in Northern Ireland are highly skilled and this news is as a consequence of global factors. Bombardier has a long and strong heritage in East Belfast in particular and despite this devastating news, I am confident it will retain that key role in future."

UUP MLA Andy Allen said the news was a "devastating blow" to workers and Bombardier was "an absolutely key component of the local economy".

He added: "We as a party are committed to working with all stakeholders to avoid such losses and attract new investment. This has been the motivation behind our long-standing commitment to bring forward a meaningful manufacturing strategy.

"It appears these job losses are part of a plan to cut 5,000 jobs worldwide. These are high quality jobs that we simply cannot afford to lose, and it is extremely frustrating that this blow should come at a time when we have no functioning Assembly and Executive. We need political stability here in order to retain the jobs we have and attract new ones, and for that we need certain political parties to get over themselves and get back to work in Stormont."

Pat Catney, of the SDLP, said he was seeking an urgent meeting with Trade Unions to identify what can be done to protect the livelihoods of workers at Bombardier.

He said: "In the face of growing global protectionism and the continued uncertainty of Brexit, we need to see power-sharing re-established to deliver a Manufacturing Strategy for Northern Ireland that can create jobs and protect livelihoods."

East Belfast MP Gavin Robinson said he hoped the company will do everything possible to minimise the number of compulsory redundancies.

He added: "There has been a huge amount of positivity surrounding the joint programme with Airbus on the A220, including a series of orders which I believe will continue and grow in the future.

"Bombardier is obviously making difficult decisions to ensure the future vibrancy of their operation globally. I will continue to assist the company and the Unions to support sustainability and future growth of the workforce in Northern Ireland."

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